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‘Multichain was a big blow,’ says Andre Cronje as Fantom TVL slumps

Published 07/15/2023, 03:24 PM
Updated 07/16/2023, 08:40 AM

The Fantom network’s co-founder Andre Cronje said Multichain’s recent debacle was a “big blow” to the smart contract platform, which saw a sharp decline in activity in the past few weeks.

According to data from DefiLlama, Fantom’s total value locked (TVL) dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom’s TVL topped $7.5 billion. The price of its native token, Fantom (FTM), declined from $0.41 to $0.28 in the same period.

Fantom’s TVL between May and July 2023. Source: DefiLlama

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